JPEG’d is a leading NFT CDP platform on Ethereum today. In Q3/2023, JPEG’d had many outstanding activities and updates on its platform. Let’s find out with Weakhand in this Report JPEG’d Q3/2023 article.
Before jumping into the content of the article, everyone can refer to some of the following articles to better understand this Report JPEG’d Q3/2023 article:
- What is JPEG’d? JPEG’d Cryptocurrency Overview
- Series 10: Real Builder in Winter | JPEG’d – Too big of an ambition to succeed
- JPEG’d Protocol – Opens up the NFT CDP concept in the NFTFi “underground wave”.
- JPEG’d’s new Tokenomics design: An era for CDP, Ponzi but very sustainable
What is JPEG’d?
JPEG’d is a CDP platform for NFTs deployed on Ethereum that allows users to use NFTs as collateral to mint an amount of pUSD or pETH corresponding to a maximum LTV of 70%. JPEG’d applies ChainLink’s Oracles to determine the floor price of collectibles as well as determine the liquidation price of collateralized NFTs on the platform.
The goal of JPEG’d is to become a decentralized platform, not controlled by any central entity. This is done through a DAO that allows JPEG token holders (the platform’s main token) to participate in votes to build and improve products on the JPEG’d platform.
Successfully Solved Hacking Problem on Curve Finance
There was an attack on the pETH-ETH curve pool.
The vault contracts allow to borrow against NFTs are safe and still running solidly. NFTs and the treasury funds are safe. We’ll keep everyone updated as soon as we know better what is happening.
We’ve been looking into the…
— JPEG’d (@JPEGd_69) July 30, 2023
Immediately after that, JPEG’d made strong moves to find the identity of the hacker and recover the hacked money. Of which, a 10% white hat bounty was given to the bot owner and 5,495.4 WETH was recovered by the DAO. The recovered amount will be redistributed to the owners according to the vote in PIP-74 making most users benefit.
Some Updates About JPEG’d Products Q3/2023
In this Q3/2023 JPEG’d Report, we take a look at some outstanding product updates on JPEG’d as follows:
Improve auction mechanism
To deal with the harsh conditions of the NFT market, the auction mechanism has been improved, reducing the time from liquidation to auction end to a maximum of 24 hours.
In the event of a liquidation, auctions now take place twice a day and start/end at 00:00 UTC and 12:00 UTC. This new innovation and the 20% buffer between the auction starting price and the current floor price will improve the liquidation process and significantly reduce bad debt risk.
UI/UX improvements
In the last quarter, JPEG’d has made new improvements in product interface with higher resolution. This has brought a clear difference to JPEG’d and in my experience, the new interface is much easier to see than the previous version.
JPEG’d also has improvements to the “whale mode everywhere” feature where large NFT holders can select multiple NFTs and borrow/manage/repay positions conveniently using the features at the bottom of the screen. This UX improvement allows users to conveniently manage a series of positions as if they were one and the same, making borrowing with over 20 NFTs a breeze. In addition, users can also use JPEG’d telegram bot to receive notifications of any of their positions at risk of liquidation at any time.
Improved trait multiplier system
JPEG innovated by introducing a rarity multiplier. This feature allows owners of rare NFTs to increase their credit limit by a multiplier above the current floor. Each characteristic for all supported collectibles is now tracked daily and updated every 2 weeks, ensuring that rare NFTs are always priced accurately.
Characteristics updates are published on discord and on the JPEG’d forum every two weeks on Friday and are implemented the following Monday, allowing users 72 hours to adjust their positions. yours if needed.
Update Onchain Situation On JPEG’d
Despite the unwanted hack on Curve Finance and the difficult NFT market situation in the third quarter, TVL on JPEG’d dropped clearly from nearly 40M USD to only 18M USD at the time. current point. However, if you look at the overview of NFT Lending projects, JPEG’d is still maintaining its position in the top 3 NFT Lending projects with leading TVL on the market.
Top NFT Lending platforms by TVL
In recent times, JPEG’d has also continued to buy ETH and currently holds about 14.6 thousand ETH. Currently, the DAO still holds 59.32M USD and still boasts one of the healthiest Treasurys among all DAOs and is in the top 10 DAOs.
